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Chinese shares see biggest fall in nearly three weeks | |
(about 2 hours later) | |
Mainland Chinese shares saw their biggest fall in almost three weeks on Tuesday as investors continued to fret over a crackdown on margin lending. | |
The Shanghai Composite closed down 3.4% at 4,887.43 after falling 2% on Monday. | |
Concerns were stoked over the weekend when China's securities regulator published draft rules that would cap brokerages' margin financing business. | |
In Hong Kong, the benchmark Hang Seng index fell 1.1% to 26,566.70. | |
Shares were also hit by a new wave of 25 initial public offerings this week, which it has been estimated will lock up about 6tn yuan ($966.7bn; £619bn) of capital. | |
In addition, investor sentiment was also hit by reports that the launch date of the Hong Kong-Shenzhen stock market link is on hold due to technical issues, putting at risk China's pledge to have the scheme ready by the end of the year. | |
Caution ahead of Fed | |
Investors across the remaining major Asian markets remained cautious ahead of the Federal Reserve meeting and a new round of talks over Greece's debt crisis. | |
The US central bank is expected to keep interest rates unchanged on Wednesday, although markets will be looking for clues as to when rates might rise. | The US central bank is expected to keep interest rates unchanged on Wednesday, although markets will be looking for clues as to when rates might rise. |
On Thursday, European finance ministers are likely to urge Greece to make concessions to avoid a default. | On Thursday, European finance ministers are likely to urge Greece to make concessions to avoid a default. |
Japan's Nikkei 225 closed 0.64% lower at 20,257.94. | Japan's Nikkei 225 closed 0.64% lower at 20,257.94. |
South Korea's Kospi shed 0.67% to close at 2,028.72 as sentiment continued to be hit by the country's struggle to control an outbreak of Middle East Respiratory Syndrome, or MERS. | |
Seoul reported three more fatalities from the disease on Tuesday, bringing the overall death toll to 19. | Seoul reported three more fatalities from the disease on Tuesday, bringing the overall death toll to 19. |
Australia's benchmark S&P/ASX 200 ended the session 0.05% lower at 5,535.80. | Australia's benchmark S&P/ASX 200 ended the session 0.05% lower at 5,535.80. |
Stock movers | Stock movers |
Shares in Taiwanese smartphone-maker HTC fell nearly 6% after it ruled out a merger with larger rival Asustek Computers. | Shares in Taiwanese smartphone-maker HTC fell nearly 6% after it ruled out a merger with larger rival Asustek Computers. |
The company used to sell one in 10 smartphones globally, but has struggled to maintain market share in the face of competition from Apple and Samsung. | The company used to sell one in 10 smartphones globally, but has struggled to maintain market share in the face of competition from Apple and Samsung. |
HTC recently downgraded its quarterly earnings outlook, forecasting a steep loss. | HTC recently downgraded its quarterly earnings outlook, forecasting a steep loss. |
Shares in Malaysian budget airline AirAsia dropped nearly 5% following a media report that chief executive Tony Fernandes might issue bonds and sell planes to raise funds. | Shares in Malaysian budget airline AirAsia dropped nearly 5% following a media report that chief executive Tony Fernandes might issue bonds and sell planes to raise funds. |
The head of Asia's biggest low-cost carrier reportedly made the announcement in a letter to investors after a steep fall in shares last week. | The head of Asia's biggest low-cost carrier reportedly made the announcement in a letter to investors after a steep fall in shares last week. |
Singapore-listed commodity trader Noble rose by 1.4% after holding its third share buyback. | Singapore-listed commodity trader Noble rose by 1.4% after holding its third share buyback. |
Its stock has lost more than 40% of its value since an anonymous outfit called Iceberg Research first accused it of accounting irregularities in mid-February. | Its stock has lost more than 40% of its value since an anonymous outfit called Iceberg Research first accused it of accounting irregularities in mid-February. |
Noble has repeatedly denied the allegations. | Noble has repeatedly denied the allegations. |